6 things you must do before you do anything else

Most of the start-ups fail within the early 2-3 years and others fail because of wayside in the first six months. To provide you with a best chance of surviving in corporate with a venture, here is a compiled stack of some major things to research before you take the plunge.

These are some of the most important attributes for the survival of a business.

Here we go:

• Define the target market:

Make sure you target the right people for your business, interact with them personally or through social media and group focus. Involve your customers in build-out of your business, as it shapes the business and styles everything from your website to the marketing campaigns according to them. It is important to have defined groups because it makes marketing and advertisement an easier process. If you want to maximize or aerate your sales, a major thing to do is to understand your customers or target the audience which will depend on the service or product marketed by you.

So basically start with a specific focus that will help you find and nurture a strong consumer base!

• The business’s name:

It’s called the process of branding, naming your business is one crucial matter so think hard and well enough because you’re going to be struck with it. Consider what the brand name needs to say about your business, should it be a case of communicating aspects of your business or like says what it does. Branding builds a unique and distinctive image of a particular product in the market and has many other advantages, so to succeed naming of the business should be suggestive and versatile.

• Your web presence:

Did you know 45% of small businesses don’t have a website? A website is an environmental friendly online market for a business to grow. Besides increasing the customer base and providing opportunities to show the credibility, it provides plenty of information regarding the business you’re into!

With all the new web developing tools available like – moonfruit, development of a fully-ecommerce website has become an facile and undemanding process. Your business might not operate online but having a web presence for business is always a plus point.

• Your Unique selling proposition (USP):

It is a consideration as a reason, which defines your company’s unique position in the market place. Building up a selling proposition is an important factor in businesses, as it is what makes a business stand out of the crowd. It is what your business stands for, and initially you can peg the usp of your product on price strategy, product characteristics, promotional strategy and various other fields.

So basically it defines what is better about your offering and what customers can’t get elsewhere.

• Funding process:

One of the greatest challenge for an entrepreneur is to think about how to raise capital or fund the business just started. Most entrepreneurs and small business owners these days fund money themselves, but there are various other methods like raising money from friends and family, taking small loans, crowd funding or from the most successful way of raising money – angel investors. The whole process being complex, you have to be meticulous but if you can’t secure the funding you need to launch a master plan to prove the business is credible.

And if the business succeeds, a reward to the risk-takers is always a nice gesture. So it’s important for an entrepreneur to have strategies to financing the business.

• Paying yourself:

‘How do i pay myself’, is the old-age conundrum being faced by every entrepreneur. You may want to pay yourself last to conserve money, but the trick to succeeding is by putting yourself first. Always consider paying yourself first, as it comes with various tax benefits for business entities and as also stated by Robert t kiyosaki in his book “Rich dad, Poor dad”, that by paying yourself first not just you’ll be providing enough for your family and also will cover up expenses and bills to be paid by working hard enough to increase the revenues later on in that particular period.

So you deserve to be paid as a risk taker for the growth of your business. But there are few instances where you don’t have to pay yourself first as there are lot of different theories.

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